MagnaChip refinances through $225 million bond

The Korean semiconductor company will use the proceeds to redeem its costly existing debt.

Korea’s MagnaChip Semiconductor, which is listed on the New York Stock Exchange, raised $225 million on Tuesday through an eight-year high-yield bond.

The company, which designs and manufactures analogue and mixed-signal semiconductor products, priced the 6.625% senior notes at 99.5, representing a 448bp spread over the 2021 US treasuries. Moody's upgraded the company to B1 from B2 in June.